In today’s global economy, more people and businesses in Europe are earning, saving, and transacting in U.S. dollars (USD). Whether you’re a freelancer paid by U.S. clients, a business trading with Lithuanian companies, or an investor hedging against the euro, the question comes up a lot:
Is it possible to open a U.S. dollar account in Europe?
The short answer is yes—but not all dollar accounts are equal. Depending on your goals, the country you’re in, and the kind of bank or platform you use, the experience can vary dramatically.
This guide breaks down the current solutions available in 2024, covering traditional banks, fintech platforms, personal vs. business needs, tax considerations, and what to watch out for.
1. Why You Might Need a USD Account in Europe
Before diving into the solutions, it helps to understand why more people across Europe are looking to hold or transact in dollars.
Common use cases:
- Freelancers and remote workers getting paid in USD
- Startups and businesses selling to U.S. customers
- Import/export companies with dollar-denominated contracts
- Investors hedging against EUR/USD volatility
- Travelers or expats who want to keep part of their savings in dollars
- In all these cases, converting USD payments into EUR (or another local currency) every time can mean losing 3–5% in fees or more. A dollar account solves that.
2. Can You Open a Dollar Account in a European Bank?
Yes—but it’s not always straightforward.
Traditional European banks can offer USD accounts, but they usually treat them as foreign currency accounts rather than true multi-currency banking solutions.
Examples of banks that may offer USD accounts:
- Deutsche Bank (Germany)
- HSBC France
- Banco Santander (Spain)
- UniCredit (Italy)
- Raiffeisen (Austria)
Common features:
- Account in USD
- Receive and send payments in dollars via SWIFT
- No automatic conversion into euros
Downsides:
- High fees for maintenance and transfers
- Slow setup process
- Often requires a premium account or business status
- Many banks require a minimum deposit or balance
- Most banks don’t offer local U.S. banking details (routing/account numbers)
Legacy banks are not built for flexible, low-cost foreign currency banking. They work for established businesses or high-net-worth individuals—not freelancers or startups.
3. Fintech Platforms: The Best Modern Option
If you want a fast, low-cost, and digital-first way to hold USD in Europe, fintech is the answer.
Several modern platforms now offer USD accounts that are easier to open, cheaper to use, and available to individuals and businesses alike.
3.1. Wise (formerly TransferWise)
- Offers a multi-currency account (Personal or Business)
- Comes with local USD account details (U.S. routing and account number)
- Allows accepting costs like a U.S. bank account
- Mid-market FX rates when converting between currencies
- Works for both individuals and companies
Best for: Freelancers, remote workers, global startups, SMEs
Fees: Free to open, small fees on transfers/conversions
3.2. Payoneer
- Focused on freelancers and e-commerce sellers
- Provides virtual USD account details
- Integrated with platforms like Amazon, Upwork, Fiverr
- Allows holding balances and withdrawing to European bank accounts
- Also offers prepaid cards
Best for: Marketplace sellers, gig economy workers, agencies
Fees: Low or no fees for receiving, fees on withdrawal and conversion
3.3. Revolut
- Offers multi-currency support including USD
- Simple app-based setup
- Local USD accounts not available for all regions
- Great for personal use, moderate for business
- Provides cards, analytics, and budgeting tools
Best for: Casual users, expats, light freelancers
Fees: Free personal accounts, paid business tiers
3.4. N26 (via Wise integration)
- Euro-denominated German bank
- No native USD account, but partners with Wise
- Works well if you need euro/USD conversion flexibility
Best for: Germany-based users who occasionally need USD access
Fees: Basic account free, USD features via Wise
4. Business vs. Personal: What’s the Difference?
When opening a USD account in Europe, your needs will differ depending on whether it’s for personal or corporation use.
Business Account Features:
- Ability to invoice in USD
- Higher transaction limits
- Access to APIs, integrations (Shopify, Xero, Stripe)
- Multi-user permissions
- Custom payment links and mass payouts
Personal Account Features:
- Store USD as savings
- Receive payment from friends, family, or clients
- Link to a card for spending
- Convert into local currency when needed
Regulatory differences:
- Business accounts require company documents
- Personal accounts need basic ID/KYC
- Some countries may have reporting rules for business accounts holding foreign currencies
Verdict: If you’re running a business—even a small one—get a business account. It’ll save you headaches later with taxes, limits, and platform restrictions.
5. Do You Need a U.S. Address or Tax ID?
In most cases—no.
That’s the beauty of fintech. Platforms like Wise and Payoneer offer virtual USD accounts without needing:
- A U.S. address
- A U.S. phone number
- A Social Security Number (SSN)
- A U.S. tax ID (EIN)
They work by partnering with U.S. banks to give you a functional local USD account number for expenses. For most clients and platforms, these accounts work just like U.S.-based ones.
6. What About Crypto and Stablecoins?
For more advanced users, stablecoins like USDC or USDT are another way to hold “dollar value” outside the banking system.
Pros:
- Fully digital
- Fast, global, borderless
- Avoids bank fees
- Can be held in self-custody wallets
Cons:
- Regulatory gray zones
- Not widely accepted by traditional platforms
- Volatility or depegging risk if poorly managed
- Requires technical know-how
7. Tax and Legal Considerations
Holding a foreign currency account (including USD) is legal in Europe—but may have tax implications.
Key points to consider:
- Capital gains: If the value of your USD rises and you convert to EUR at a profit, that could be taxable
- Foreign account reporting: Some EU countries require you to declare accounts held in foreign currencies or outside national banks
- Business invoicing: When billing in USD, your VAT reporting must reflect currency conversion at official rates
- Recommendation: Always consult a local tax advisor, especially if you’re holding large balances or operating a business.
Can You Open a Joint or Shared USD Account in Europe?
If you’re working with a co-founder, business partner, or spouse, you might be wondering whether you can open a joint USD account in Europe. The answer depends on the platform.
Traditional Banks:
- Some offer joint accounts, but typically only in your local currency (EUR, GBP, etc.)
- Multi-currency joint accounts are rare and often require high-income or private banking status
- Joint accounts often come with higher compliance checks
Fintech Platforms:
Wise does not currently support joint personal accounts, but multi-user access is available for business accounts
- Payoneer is designed for individual use or businesses—not shared personal use
- Revolut has introduced shared accounts in some countries, but USD features may be limited
Verdict: For business purposes, shared access to a USD account is easiest through a Wise Business account with user permissions. For personal use, options are limited—most fintechs are built for single-user access only.
The Future of USD Accounts in Europe
As cross-border work, remote employment, and global business continue to grow, so will the demand for flexible, multi-currency banking.
Key trends to watch:
- More banks partnering with fintechs like Wise to offer built-in USD solutions
- Greater regulatory clarity around digital wallets and currency accounts
- Rise of neobanks offering full-service USD, GBP, and EUR accounts under one roof
- Blockchain-based banking alternatives (e.g. Circle, Stellar) gaining real-world use cases
What to Watch Out For
- Not all dollar accounts are equal. Here are common mistakes and risks:
- Using PayPal as a USD account – Their FX rates and withdrawal fees are poor.
- Assuming a SWIFT code equals local access – U.S. clients may need ACH details.
- Holding too much USD without a purpose – FX risk goes both ways.
- Mixing business and personal transactions – Can create compliance problems later.
Pro tip: Test your account with small payments first. Make sure it works for your clients or platforms.
Final Thoughts
Opening a dollar account in Europe is not just possible—it’s easier than ever. Thanks to modern fintech platforms, you can now get a working USD account with local routing details, low fees, and global access—all without setting foot in a bank branch.
If you’re still using your local EUR account to receive USD expenses, you’re likely losing money every month to bad conversion rates and fees. It’s time to upgrade.
Choose the right platform based on your specific needs. Stay compliant. And don’t leave money on the table.
